CNAF Commercial National Financial Corporation (QX)

LATROBE, Pa., Feb. 2, 2015 /PRNewswire/ -- Commercial National Financial Corporation (OTC Markets: CNAF) (Company), parent Company of Commercial Bank & Trust of PA, has reported results for the quarter ended December 31, 2014. The Company earned $1,410,000 (or $0.49 per average share outstanding) in the fourth quarter 2014 compared to $1,581,000 (or $0.55 per average share outstanding) in the fourth quarter 2013. The Company earned $6,212,000 (or $2.17 per average share outstanding) for the twelve-month period ended December 31, 2014 and $5,392,000 (or $1.88 per average share outstanding) for the twelve-month period ended December 31, 2013.

The Company's annualized return on average assets and average equity were 1.45% and 9.81%, respectively, for the quarter ended December 31, 2014 compared to 1.68% and 13.92%, respectively, for the quarter ended December 31, 2013. The Company's annualized return on average assets and average equity for the twelve month period ended December 31, 2014 were 1.58% and 11.61%, respectively, compared to 1.44% and 11.07%, respectively, for the twelve month period ended December 31, 2013. Tier one risk-based, total risk-based and leverage capital ratios for December 31, 2014 were 23.10%, 23.81% and 13.86%, respectively.

President and Chief Executive Officer, Gregg E. Hunter noted, "Year-end 2014 earnings rose $820,000 which represented a 15.21% increase over 2013's results.  Fourth quarter 2014 earnings moderated somewhat in comparison to the fourth quarter of 2013 yet remained very strong.  Tax equivalent net interest margin for 2014 rose to 5.01% while the efficiency ratio improved to 57.37%.  The Company begins 2015 fortified by top-notch asset quality, an exceptionally desirable funding base and impeccable capital adequacy.  The Company's core earnings and capital, viewed in conjunction with the Company's low overall risk profile, remain highly supportive of the regular $0.26 per share quarterly common stock cash dividend payments to shareholders. Providing an attractive and reliable cash dividend income stream to our shareholders continues to be a top priority for the Company."

In addition to Latrobe, Pennsylvania where it is headquartered, the Company operates ten community banking facilities in Greensburg, Hempfield Township, Ligonier, North Huntingdon, Unity Township and West Newton, Pennsylvania and also maintains a commercial business development sales force throughout its entire market area. The Company operates an asset management and trust division of Commercial Bank & Trust of PA headquartered in Greensburg, Pennsylvania. Commercial Bank & Trust of PA also serves its customer base from an Internet banking site (www.cbthebank.com) and an automated TouchTone Teller banking system.

Safe Harbor Statement

Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements are based on information currently available to the Company, and the Company assumes no obligation to update these statements as circumstances change. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including changes in general economic and financial market conditions, unforeseen credit problems, and the Company's ability to execute its business plans.  The actual results of future events could differ materially from those stated in any forward-looking statements herein.

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SOURCE Commercial National Financial Corporation